Repo Trader at Absa Bank

Job Summary

This role reports into the Head of Trading. The Rates Trader position requires a focused and independent approach to achieving best practice and developing the repurchase agreements (repo) product vertical as well as other FX and rates products. The repo trading position is responsible for all aspects involved in repo and reverse repo execution and management. It requires trade execution, position monitoring, risk management and reporting, as well as constant communication with clients, counterparties, regulators, and internal support divisions (PCG, PTS, Treasury, Credit, etc.) The incumbent is expected to work very closely with the other FX and Rates traders to execute the desk strategy.
Job Description

Accountability:
Trading
Time split %: 85

• Grow turnover and client-numbers, maintaining a market-leading market share and market dominance in the various traded products.
• Formulate and execute trading strategies—in line with the overarching CIB Markets strategy—to achieve annual product revenue targets and create sustainable returns above cost of equity.
• Daily active market-making and strategy input for the repo book.
• Assist with pricing and portfolio management daily—manage haircut and collateral balances.
• Manage funding for entire trading desk.
• Actively market-make trading desk products.
• Manage the liquidity of fixed-income books.
• Ensure that trading is always executed within trading limits, and input correctly and in a timely manner.
• Independently produce high-quality monthly macro updates, daily market colour, and other ad hoc analyses and research papers.
• Keep up to date with the evolution of products, markets, internal rules and regulation.
• Ensure that all documentation is completed in time and to the required standard.
• Drive counterparty relationships and expand existing relationships to help grow repo book
• . Analyse trading book performance and market trends daily, providing commentary to management and the rest of the trading team.
• Provide timely and competitive pricing of traded products to the Sales team to support the core client franchise.
• Ensure timely updates of all relevant marks and curves to ensure consistent accuracy in the fair values of financial assets on the bank’s books.

Accountability:
Risk Management
Time split %: 10

• Apply the highest standards of controls and risk management practices and behaviours.
• Operate within and proactively manage all regulatory and internal Trading risk limits (dealer mandate, credit risk, market risk, etc.), recording no breaches.
• Adhere to all regulations and codes of conduct relating to Trading activities, recording no regulatory sanctions.
• Adhere to all applicable Absa frameworks, policies, and procedures, demonstrating sound judgement and responsible risk management, and when required, highlight breaches and request dispensations & waivers on a timely basis.

Accountability:
Reporting & Team support
Time Split %: 5

• Meet all periodic reporting requirements (regulatory and internal).
• Maintain constant contact with key stakeholders (PCG, IVMC, Finance, CRT) to ensure income is appropriately realised and reported.
• Continuously improve the efficiency and effectiveness in how tasks and processes are completed on the Trading desk. Train and share knowledge with interns and temporal staff. Any other duties that will be assigned from time to time by the Head of Trading.

Education

• Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)